GOLD FIGHT BETWEEN INVESTOR BEARISHNESS AND MACRO BULLISHNESS

HEDGE FUNDS HAVE FAILED TO BUY GOLD RECENTLY AND HAVE MAINTAINED ELEVATED SHORT POSITIONS SIMILAR, GOLD-BACK ETP HOLDINGS ALSO FELL TO A FIVE-MONTH LOW OF 2,500 TONS ON MARCH 4 ACCORDING TO BLOOMBERG. AND THE PHYSICAL DEMAND FOR GOLD IN CHINA AND INDIA HAS RESPONDED TO THE LOWER LEVEL OF GOLD PRICES. IN THE ANNUAL BUDGET IN INDIA, THE GOVERNMENT DID NOT RAISE IMPORT DUTIES FURTHER, HELPING GOLD'S FUTURE DEMAND FROM THE WORLD'S LARGEST GOLD CONSUMER